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ETH and ERC-20 Deposits, Withdrawals Now Suspended on Binance: Details

Tue, 09/06/2022 - 13:09
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Tomiwabold Olajide
This, it claims, was required for its preparations for Ethereum Merge
ETH and ERC-20 Deposits, Withdrawals Now Suspended on Binance: Details
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Binance announced it has temporarily suspended deposits and withdrawals for ETH and ERC-20 tokens due to the Bellatrix consensus layer upgrade. It says it will provide updates once deposits and withdrawals have resumed.

According to sassal.eth, the Bellatrix upgrade has finalized: "The Bellatrix upgrade just went live on the Ethereum Beacon Chain. Next up is the mainnet merge, which will happen in less than 9 days. The Merge is coming."

At the time of publication, Binance is yet to give indications on whether deposits and withdrawals have resumed on the platform.

Aside from this current halt, Binance earlier announced that ETH and ERC-20 token deposits and withdrawals on Binance will also be momentarily halted at 12:00 a.m. UTC on Sept. 15 for the Paris upgrade. Additionally, Binance said that it will temporarily suspend BETH deposits and withdrawals starting at 12:00 p.m. UTC on Sept. 14, 2022, and ending at 12:00 p.m. UTC on Sept. 16, 2022.

It states that "ETH 2.0" staking on Binance will continue after the proof-of-stake transition. However, until Ethereum's Shanghai upgrade in a few months, functionality for the withdrawal and redemption of the staked ETH will not be available.

Binance to Temporarily Suspend ETH Withdrawals on August 31: Details

This, it claims, was required for its preparations for the Ethereum Merge, scheduled for mid-September. "Ahead of any possible ramifications from this event, Binance is taking steps to reduce trading risks and to keep user funds SAFU," it stated in a tweet.

Two scenarios for the Merge

Binance proposed two possible scenarios following the Merge and its backup plans. First, the exchange says it will quickly resume ETH and ERC-20 token deposits and withdrawals if there is no fork and no new token is created.

The second scenario is if an ETH fork produces two chains that compete with one another and a new token. The ETH ticker will serve as a marker for the Ethereum PoS chain. Then users will be credited with the forked token based on the snapshot of their ETH balances.

Expectations remain in place following the successful completion of the Bellatrix upgrade, which will trigger the Merge mainnet update.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.

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